Finance

Abu Dhabi banks ADCB, UNB and Al Hilal merge to create third largest UAE lenderThe enlarged ADCB group, listed on ADX, has Dhs423bn in assets and over one million customers Source: Abu Dhabi banks ADCB, UNB and Al Hilal merge to create third largest UAE lender – Gulf Business

INTERVIEW- Russia’s largest bank in talks with top GCC funds and banks- deputy chairman Sberbank is expanding Islamic finance offerings and will decide by the end of 2019 on whether to open a GCC branch Source: INTERVIEW- Russia’s largest bank in talks with top GCC funds and banks- deputy chairman | ZAWYA MENA Edition

In a joint statement issued earlier this morning, Uber has said that it will acquire its Dubai-based rival Careem for $3.1bn.Uber will pay $1.4bn in cash and the remaining in convertible notes for Careem which can then be converted into Uber shares. This is Uber’s priciest acquisition ever. The deal is expected to close in the first quarter of 2020 subject to regulatory approvals from the 15 countries where Careem operates. Source: Uber confirms Careem acquisition for $3.1bn

Financial services and investment firm SHUAA Capital has confirmed it is in merger talks with Abu Dhabi Financial Group (ADFG).The company’s shares jumped 15 per cent to Dhs0.715 on the DFM when the news broke that discussions are underway regarding the possibility of creating a larger financial listed group. Source: SHUAA Capital in merger talks with ADFG – Gulf Business

UAE lenders Abu Dhabi Commercial Bank (ADCB) and Union National Bank (UNB) have confirmed plans to merge and together acquire Al Hilal Bank to create the country’s third largest lender. The new banking group will carry the ADCB identity and will continue to have institutional backing from its biggest stakeholder – the Abu Dhabi government, a statement said. Source: Abu Dhabi banks ADCB, UNB and Al Hilal to merge creating UAE’s third largest lender – Gulf Business

Kuwait allows foreign investors to own and trade in local banks’ shares The ownership of a foreign investor shall not exceed 5 per cent in any Kuwaiti bank Source: Kuwait allows foreign investors to own and trade in local banks’ shares – Gulf Business

The Mortgage Introducer Awards took place at the Tower of London last night, where 26 awards were handed out to the industry’s finest. Mortgage Advice Bureau was a big winner, taking home three prizes including Mortgage Introducer of The Year, while Richard Adams from Stonebridge Group won The Lifetime Achievement Award. Source: The Mortgage Introducer Awards celebrates the industry’s best | Mortgage Introducer

New laws to boost UAE’s banking sector The Board of Directors of the UAE Banks Federation said the new laws would help boost the competitiveness of the economy while positively impacting the banking sector. Source: New laws to boost UAE’s banking sector | ZAWYA MENA Edition

UK royal opens HQ of new UAE digital trade bank Anglo-Gulf Trade Bank in Abu Dhabi is set to start ops next year to help address global trade finance gap estimated at $1.5trn Source: UK royal opens HQ of new UAE digital trade bank – ArabianBusiness.com

The Abu Dhabi Global Market (ADGM) has granted Citi a licence to set up a branch of Citibank NA at ADGM, it was announced on Tuesday. The visit was announced during a visit by Citigroup CEO Mike Corbat to Abu Dhabi. The branch is pending final approval from ADGM’s Financial Services Regulatory Authority (FSRA). Source: CitiBank granted licence to open Abu Dhabi branch – ArabianBusiness.com

Digital Mortgages by Atom Bank has launched a selection of 2-year fixed rates – including a 60% product at 1.39% with no product fee. The lender is also offering a 75% LTV 2-year fix at 1.49% with no fee, as well as other options with a fee. Source: Atom Bank launches 2-year fixes | Mortgage Introducer

Jayne-Anne Gadhia (pictured) is leaving Virgin Money, where she was chief executive. In June The Clydesdale and Yorkshire bank brands agreed a £1.7bn takeover of Virgin Money. While she is no longer CEO she has agreed in principle to support the group as senior adviser to David Duffy, chief executive of Clydesdale and Yorkshire Banking Group, for 18 months. Source: Jayne-Anne Gadhia to leave Virgin Money | Mortgage Introducer